WASHINGTON (Reuters) – Alphabet Inc’s (GOOGL.O) Waymo unit on Tuesday became the first company to receive a permit from the state of California to test driverless vehicles without a backup driver in the front seat, the state’s Department of Motor Vehicles said. FILE PHOTO: The Waymo logo is displayed during the company’s unveil of a… Continue reading UPDATE 2-Waymo gets first California OK for driverless testing without backup driver
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UPDATE 3-Fiat Chrysler’s lower cash forecast overshadows special dividend pledge
MILAN/DETROIT (Reuters) – Fiat Chrysler (FCA) reported better-than-expected third-quarter earnings and promised to pay 2 billion euros ($2.3 billion) in special dividends, but a lower net cash forecast and its over-reliance on the North American market weighed on its shares. FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at its U.S. headquarters in… Continue reading UPDATE 3-Fiat Chrysler’s lower cash forecast overshadows special dividend pledge
VW reviewing autonomous car alliances, Waymo seen as a leader -CFO
FRANKFURT, Oct 30 (Reuters) – Volkswagen Chief Financial Officer Frank Witter on Tuesday said the carmaker was open to deeper alliances with outside companies, particularly in the area of autonomous driving, where Google’s Waymo is seen to be an industry leader. “It remains to be seen whether every carmaker develops their own system, or whether… Continue reading VW reviewing autonomous car alliances, Waymo seen as a leader -CFO
Exclusive: Bentley warns worst case no deal Brexit would hit profitability, investment
LONDON (Reuters) – The boss of carmaker Bentley said failure to reach a Brexit deal would be quite damaging to annual profit in the worst case scenario, limit the company’s ability to invest and could lead to its plant closing for an additional few days. The Bentley logo is pictured on the company’s’ stand during… Continue reading Exclusive: Bentley warns worst case no deal Brexit would hit profitability, investment
Honda mulls moving U.S.-bound Fit production from Mexico to Japan -sources
TOKYO, Oct 26 (Reuters) – Honda Motor Co is considering shifting production of its U.S.-bound Fit subcompact cars to Japan from Mexico in a few years, partly due to a new North American trade agreement, two people familiar with the deal told Reuters. Fit cars for export to the United States are now made at… Continue reading Honda mulls moving U.S.-bound Fit production from Mexico to Japan -sources
Daimler says is reviewing production footprint amid global tariffs
FRANKFURT, Oct 25 (Reuters) – Daimler Chief Financial Officer Bodo Uebber on Thursday said the company is reviewing ways to counter tariffs between China and the United States that have caused a price hike of Mercedes-Benz sports utility vehicles sold in China. Because Mercedes-Benz builds its large sports utility vehicles in Tuscaloosa, Alabama, and exports… Continue reading Daimler says is reviewing production footprint amid global tariffs
Chinese state-owned automaker FAW Group gets $144 billion credit line
BEIJING/SHANGHAI (Reuters) – China’s state-owned automaker FAW Group said it signed a deal with 16 banks for a credit line worth over 1 trillion yuan ($144 billion), but did not give specific reasons as to why it wanted to secure access to such a large amount of funding. FILE PHOTO: A concept car is displayed… Continue reading Chinese state-owned automaker FAW Group gets $144 billion credit line
UPDATE 1-Hyundai Motor posts big profit miss on U.S. recall costs; shares dive
SEOUL (Reuters) – Hyundai Motor (005380.KS) posted a 68 percent plunge in quarterly net profit, missing an analyst consensus by a large margin as U.S. recall costs weighed. FILE PHOTO: A worker fixes the Hyundai logo on a vehicle at a plant of Hyundai Motor in Asan, south of Seoul, February 9, 2012. REUTERS/Lee Jae-Won/File… Continue reading UPDATE 1-Hyundai Motor posts big profit miss on U.S. recall costs; shares dive
Chinese EV startup WM Motor raising at least $288 mln from Baidu, others – sources
HONG KONG (Reuters) – Chinese electric vehicle (EV) startup WM Motor Technology Co Ltd aims to raise at least 2 billion yuan ($288.33 million) in its latest funding round to finance growth, valuing the nearly four-year-old firm at over 20 billion yuan, two people told Reuters. FILE PHOTO: WM Motor’s founder and CEO Freeman Shen… Continue reading Chinese EV startup WM Motor raising at least $288 mln from Baidu, others – sources
UPDATE 4-Tesla posts profit with Model 3 surge, shares jump
SAN FRANCISCO (Reuters) – Tesla pulled off what Chief Executive Elon Musk called an “historic quarter” for the electric carmaker on Wednesday, posting a profit, positive cash flow and fatter-than-expected margins as higher production volumes of its new Model 3 began to pay off. FILE PHOTO: A Tesla sales and service center is shown in… Continue reading UPDATE 4-Tesla posts profit with Model 3 surge, shares jump